$1,400 Stimulus Checks Will Start Hitting Bank Accounts This Weekend, Officials Say
MANDEL NGAN/AFP via Getty Joe Biden
Americans can expect to start seeing stimulus checks arrive in their bank accounts this weekend, the federal government says.
Both the White House and the Treasury Department confirmed Thursday that payments from the latest COVID-19 relief package will start getting sent out this weekend.
CNBC reports Americans using direct deposit will be the first in line to receive the disbursements, worth up to $1,400 for individuals making $75,000 or less per year.
"Americans will begin seeing those show up in their bank accounts this weekend," Treasury Secretary Janet Yellen told NBC News on Thursday night, adding, "We will work to get this money out as quickly as possible."
White House Press Secretary Jen Psaki told reporters earlier in the afternoon that "people can expect to start seeing direct deposits hit their bank accounts as early as this weekend."
"This is, of course, just the first wave," Psaki, 42, added.
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MANDEL NGAN/Getty Images Joe Biden delivers his first televised address to the nation
SAUL LOEB/AFP via Getty White House Press Secretary Jen Psaki
President Joe Biden signed the $1.9 trillion COVID-19 bill on Thursday, guaranteeing most Americans will receive a third round of stimulus payments in the coming weeks.
The relief package is the second-largest in U.S. history, behind Donald Trump's initial $2.2 trillion COVID-19 relief bill signed last March.
About 90 percent of U.S. households will be eligible for the latest round of stimulus payments, according to CNN.
Individuals making less than $75,000 per year or couples making less than $150,000 combined per year are eligible to receive the full stimulus payments of $1,400. (Dependents in families who earn less than $150,000 combined will be eligible for a check as well.)
Individuals making between $75,000-$80,000 will get a smaller check than the $1,400. Those making more than $80,000 per year individually will not receive a check.
A single parent with dependents who earns up to $112,500 would also receive the full $1,400 amount as would their dependents.
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Biden said Thursday that the relief bill, which Republicans uniformly opposed as exorbitant, will give "the people of this nation, working people, the middle-class folks, people who built the country a fighting chance."
"This historic legislation is about rebuilding the backbone of this country," Biden told reporters gathered in the Oval Office before he signed the bill into law.
While the country's economy is recovering, Bloomberg reports more than 10 million people were still unemployed as of January — more than double the amount in January 2020, before the coronavirus began to spread rapidly in the country, ultimately killing more than half a million people.
Democrats have not shut down the possibility of passing more economic relief in the coming months, though such legislation would be increasingly difficult to pass the more the country begins to recover.
"Our No. 1 lodestar is going to be helping the American people, and if they need more help we'll do another bill," Senate Majority Leader Chuck Schumer said last weekend, according to CNBC. "If this bill is sufficient, and I think it's going to help in a big way, then we won't do another bill."
